The sneaker giant has signed the Cleveland Cavaliers superstar to a lifetime deal that’s been described as the largest single-athlete guarantee in the company’s 44-year history.

ESPN’s Darren Rovell was first to report the news, citing a source familiar with the negotiations.

While a spokesperson for the Oregon-based company declined to reveal the dollar value of the deal, a source told ESPN that it easily surpasses the 10-year, $300m contract Oklahoma City Thunder forward Kevin Durant signed with Nike last year.

James’ relationship with Nike began in 2003, when the parties agreed to a seven-year, $90m contract ahead of that year’s NBA draft lottery.

Shortly before that deal expired in 2010, a nine-year extension was signed for an undisclosed amount.

“LeBron and I have been in love and obsessed with Nike since we were kids,” Maverick Carter, James’ childhood friend, confidant and long-time business manager, told ESPN on Monday. “Having built a totally innovative global business with them has truly been a dream come true. We are so excited to be taking the business to an entirely new level.